Shelter Report Highlights Worsening Woes of British Renters
July 18, 2016
A growing number of people around the UK are struggling to cover the costs of keeping a roof over their heads, according to a new report.
The housing charity Shelter has said that hundreds of thousands of people in private rented accommodation in Britain now turn to their parents for help with paying their rent.
In all, the so-called Bank of Mum and Dad is apparently paying out in the region of £1 billion each year to adult children who are struggling to cover the costs of renting and moving house.
Young adults and those aged between 18 and 24 are believed to among those most likely to be reliant on their parents for financial assistance in relation to rent, with 11 per cent of people in that age bracket needing parental help to pay their housing costs each year.
According to Shelter’s research, which was carried out on its behalf by YouGov, one in 20 adults in rented accommodation have asked their parents for help to pay their rent at some point this year.
“With housing costs sky high it’s not surprising that the Bank of Mum and Dad is no longer just relied on for help with buying a home, but renting costs too,” said Campbell Robb, chief executive of Shelter.
But while many thousands of people are appealing to parents for financial support, there are many others who are not in a position to do so.
“For those who aren’t lucky enough to receive help from parents, expensive and unstable private renting leaves many struggling,” Shelter’s chief executive explained.
“We hear from people every day who simply can’t keep up with rising rents on where to live,” Robb said.
In addition to the cost of covering monthly rent amounts, an increasing number of Brits find it difficult to pay to have their belongings moved from one location to another and to raise whatever deposit amounts are being asked of them by landlords before they move in to a new property.
“We know that the majority of private renters are forking out huge proportions of their income to cover the rent each month, and that’s not even taking into account the extortionate deposits and fees that need to be paid,” said Robb.
If you are finding it increasingly difficult to cope with your financial situation or your debt problems then Scotland Debt Solutions may be able to help. Contact us today to arrange a free and confidential consultation.
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